In 2023, Shiba Inu destroyed over 76 billion tokens, and Shibarium made significant progress

In 2023, Shiba Inu burned over 76 billion tokens, a decrease from the previous year, with the highest rate of burn occurring in December. The second-layer blockchain solution for Shiba Inu, Shibarium, made significant progress and recorded a large number of transactions and blocks. Recently, the asset value of Shiba Inu has been on an upward trend with significant growth within the past month.

 

In 2023, Shiba Inu burned more than 76 billion tokens (valued at over $820,000 at curren t prices), down by 8.33% compared to 2022. The month with the highest volume of burns was December when approximately 35 billion assets were destroyed. Although this figure seems quite substantial, it only accounts for a small part of Shiba Inu's massive nearly five quadrillion circulating supply. The burning mechanism aims to reduce supply and make SHIB scarcer thereby increasing its value. Recently there has been an uptrend in the price of Shiba Inu; it rose by about 5% in the last twenty-four hours and around thirty percent within one month (according to CoinGecko data).

 

Many experts believe that Shibarium -the second layer blockchain solution for Shiba Inu- could also play a role in SHIB's price increase due to its development progress. This network officially launched during summer in 2023 and recently achieved several important milestones; total transaction volume exceeded two hundred million around Christmas time which is now close to two hundred fifty million along with almost two point five million total blocks being reached as well . Shibarium aims to improve efficiency and scalability at base level by processing transactions outside main chain thus allowing users enjoy lower transaction fees faster processing speeds.